The Islamic State group says it intends to mint its own currency; the Islamic dinar.

The militant organization said Thursday it will mint its own gold, silver and copper coins to replace what the group called "the tyrannical currency system that was imposed on Muslims and which led to their oppression."

It was not immediately clear when and where the coins would be placed in circulation.

After seizing large swaths of Iraqi and Syrian territory earlier this year, the Islamic State group proclaimed a caliphate on lands under its control

The group has also sought to implement its harsh interpretation of Islamic law, and its leader, Abu Bakr al-Baghdadi, has proclaimed himself the caliph.